TSX.V: FKM OTCQB: FKMCF
FRANKFURT: F7E1
ROUYN-NORANDA, QC, May 8, 2023
/CNW/ - Fokus Mining Corporation (the "Company") (TSXV:
FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce that further
to its news release dated March 23,
2023, it has filed an independent National Instrument 43-101
- Standards of Disclosure for Mineral Projects ("NI
43-101") compliant technical report in support of the mineral
resource estimate for the Galloway
gold project located in the province of Québec.
The technical report is entitled "NI 43-101 Technical Report and
Mineral Resource Estimate for the Galloway Project, Quebec, Canada", dated May 7, 2023 with an effective date of
March 21, 2023 (the "Technical
Report") and was prepared for the Company by InnovExplo Inc.
and Soutex Inc. and is available under the Company's profile on
SEDAR at www.sedar.com and will also be available on the Company's
website at www.fokusmining.com.
As outlined in the Technical Report and as reported in the
Company's press release dated March 23, 2023, and filed
on SEDAR on that date, using the potential underground bulk mining
scenario with a 0.90 g/t Au cut-off grade, the Galloway gold project contains an estimated
Inferred Mineral Resource of 41,195,000 tonnes grading 1.07 g/t Au
for 1,419,600 ounces of gold.
Galloway Gold
Project
Inferred Mineral
Resource (at 0.9 g/t Au cut-off)
|
Zones
|
Tonnes
(t)
|
Grade
(g/t
Au)
|
Ounces
(oz Troy
Au)
|
Hendrick
Zone
|
37,989,000
|
1.06
|
1,290,000
|
GP Zone
|
1,445,000
|
0.98
|
45,600
|
RB Zone
|
1,161,000
|
0.96
|
35,900
|
Hurd Zone
|
87,000
|
1.00
|
2,800
|
Moriss Zone
|
514,000
|
2.74
|
45,300
|
Total
Inferred
|
41,195,000
|
1.07
|
1,419,600
|
Notes to the Galloway
Mineral Resources Estimate of 2023 (the "2023
MRE"):
|
1.
|
The effective date of
the 2023 MRE is March 21, 2023.
|
2.
|
The independent and
qualified persons (as defined by NI 43-101) for the 2023 MRE are
Alain Carrier, P.Geo., Olivier Vadnais-Leblanc, P.Geo., Marc R.
Beauvais, P.Eng. from InnovExplo Inc, and David Le Tourneux,
P.Eng., from Soutex Inc.
|
3.
|
The 2023 MRE conforms
to the CIM Definition Standards (2014) and follows the CIM MRMR
Best Practice Guidelines (2019).
|
4.
|
These mineral resources
are not mineral reserves, because they do not have demonstrated
economic viability. The results are presented undiluted and are
considered to have reasonable prospects of economic
viability.
|
5.
|
The estimate
encompasses 5 mineralized zones. Hendrick, GP, RB and HURD are made
only of 1 3D porphyry type solid each and Morris has 25 smaller
vein type 3D solids.
|
6.
|
No capping was applied
on Hendrick, GP, RB and HURD (porphyry type). 5 m
composites were calculated within the zones using the grade of the
adjacent material when assayed or a value of zero when not assayed.
For Moriss (veins part of the deposit), composite length was set at
1m. High-grade capping supported by statistical analysis was
done on compositing and was set to 20 g/t Au on Moriss.
|
7.
|
The 2023 MRE was
completed using a sub-block model in Surpac. A 20m x 20m x 20m
parent block size was used for Hendrick, GP, RB and HURD. Parent
block size for Morris is 3m x 3m x3m.
|
8.
|
Grade interpolation was
obtained by Inverse Distance Squared (ID2) using hard
boundaries.
|
9.
|
A density value of 2.78
g/cm3 was assigned to all mineralized zones.
|
10.
|
Mineral resource
estimate is all classified as Inferred. The Inferred category is
defined with a minimum of two (2) drill holes within the areas
where the drill spacing is respectively less than 125 m for GP, RB
and HURD, 400 m for Hendrick and 80 m for Moriss. Data must
show reasonable geological and grade continuity.
|
11.
|
The 2023 MRE is locally
constrained within Deswik Stope Optimizer shapes using a minimal
mining width of 25 m for a potential bulk underground mining
scenario (potential block of 25m X 25m X 25m). It is reported at a
rounded cut-off grade of 0.90 g/t Au using the bulk mining method.
The cut-off grades were calculated using the following parameters:
mining cost = C$35/t; processing cost = C$17.82/t; G&A =
C$7.00/t; refining costs = C$5.00/oz; selling costs = C$5.00/oz;
gold price = US$1,750.00/oz; USD:CAD exchange rate = 1.31; and mill
recovery = 90.3%. The cut-off grades should be re-evaluated in
light of future prevailing market conditions (metal prices,
exchange rates, mining costs etc.).
|
12.
|
The number of metric
tonnes was rounded to the nearest thousand, following the
recommendations in NI 43-101 and any discrepancies in the totals
are due to rounding effects. The metal contents are presented in
troy ounces (tonnes x grade / 31.10348) rounded to the nearest
hundred. Numbers may not add up due to rounding.
|
13.
|
The independent and
qualified persons for the 2023 MRE are not aware of any known
environmental, permitting, legal, political, title-related,
taxation, socio-political, or marketing issues that could
materially affect the 2023 MRE.
|
A sensitivity analysis was performed on the MRE to assess the
variability to gold prices and found that the MRE has upside
potential to higher gold prices while retaining over a million
ounces at lower gold prices.
Inferred
Resources
|
Gold Price
(US$)
|
Cut-Off
grade
|
Tonnes (t)
|
Grade
(g/t Au)
|
Ounces
(Oz Troy Au)
|
1,960
|
0.80
|
57,546,000
|
0.97
|
1,788,100
|
1,850
|
0.85
|
50,411,000
|
1.00
|
1,632,500
|
1,750
|
0.90
|
41,195,000
|
1.07
|
1,419,600
|
1,660
|
0.95
|
36,410,000
|
1.10
|
1,283,400
|
1,575
|
1.00
|
30,595,000
|
1.15
|
1,128,400
|
The Technical Report was prepared by Alain
Carrier, P.Geo., Olivier
Vadnais-Leblanc, P. Geo. and Marc R.
Beauvais, P.Eng. from InnovExplo Inc, and David Le Tourneux, P.Eng., from Soutex. Messrs.
Vadnais-Leblanc, Beauvais and Le
Tourneux have reviewed and approved the technical contents
of this press release as it relates to the Technical Report,
including the 2023 MRE.
Gilles Laverdière, P.Geo, a director of the Company, a Qualified
Person under NI 43-101 has also reviewed the technical
contents of this press release and has approved the disclosure of
the technical information contained herein.
About Fokus
Fokus Mining Corporation is a mineral resource company actively
acquiring and exploring precious metal deposits located in the
province of Québec, Canada. In
implementing this major undertaking within the Canadian mining
industry, we are determined to unlock the secret of the
Galloway gold project.
The Galloway gold project
covers an area of 2865.54 hectares and is located just north of the
Cadillac-Larder Lake deformation
which extends laterally for more than 100 km. Numerous gold
deposits are related to that structure and its subsidiaries. The
current work focuses on a small western portion of the mining
claims where several mineral occurrences have been identified. For
more information, visit our website: fokusmining.com.
Forward-Looking
Statements
This press release contains "forward-looking information" within
the meaning of applicable Canadian and United States securities laws, which is based
upon the Company's current internal expectations, estimates,
projections, assumptions and beliefs. The forward-looking
information included in this press release are made only as of the
date of this press release. Such forward-looking statements and
forward-looking information include, but are not limited to,
statements with respect to the activities, events or developments
that the Company expects or anticipates will or may occur in the
future, including the completion and anticipated results of planned
exploration activities, timelines and anticipated costs of such
exploration activities, the interpretation of 2023 MRE for the
Galloway gold project.
Forward-looking statements or forward-looking information relate to
future events and future performance and include statements
regarding the expectations and beliefs of management based on
information currently available to the Company. Such
forward-looking statements and forward-looking information often,
but not always, can be identified by the use of words such as
"plans", "expects", "potential", "is expected", "anticipated", "is
targeted", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negatives thereof or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved.
Forward-looking statements or forward-looking information are
subject to a variety of risks and uncertainties which could cause
actual events or results to differ materially from those reflected
in the forward-looking statements or forward-looking information,
including, without limitation, risks and uncertainties relating to:
general business and economic conditions; changes in commodity
prices; the supply and demand for, deliveries of, and the level and
volatility of the price of gold, and other metals; changes in
project parameters as exploration plans continue to be refined;
costs of exploration including labour and equipment costs; risks
and uncertainties related to the ability to obtain or maintain
necessary licenses, permits or surface rights; changes in credit
market conditions and conditions in financial markets generally;
the ability to procure equipment and operating supplies in
sufficient quantities and on a timely basis; the availability of
qualified employees and contractors; the impact of value of
Canadian dollar and U.S. dollar, foreign exchange rates on costs
and financial results; market competition; exploration results not
being consistent with the Company's expectations; the
interpretation of 2023 MRE for the Galloway gold project changes in taxation
rates or policies; technical difficulties in connection with mining
activities; changes in environmental regulation; environmental
compliance issues; other risks of the mining industry; and risks
related to the effects of COVID-19 as well as all of the risks
described under "Financial risk management objectives and policies"
and "Risk and Uncertainties" in the Company's Annual Report for the
fiscal year ended December 31, 2022,
a copy of which is available on SEDAR at www.sedar.com. Should one
or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements or
forward-looking information. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially, there may be other factors that could cause
results not to be as anticipated, estimated or intended. For more
information on the Company and the risks and challenges of its
business, investors should review the Company's annual filings that
are available at www.sedar.com. The Company provides no assurance
that forward-looking statements or forward-looking information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements and
information. Accordingly, readers should not place undue reliance
on forward-looking statements and forward-looking information. Any
forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws,
the Company disclaims any intent or obligation to update any
forward-looking information, whether as a result of new
information, changing circumstances, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Related Links
http://fokusmining.com/
SOURCE Fokus Mining Corporation